I've been trading for 15 years, so I have a lot of things to share. I use the classic technical analysis, which is one of the most powerful tool for any trader.

EUR/USD: technical analysis

Sergey Logachev

The market had been falling down since last Friday. The price found a support at 1.0858, which entered the price into a consolidation phase. As far as we’ve got a “Rising Wedge” and a broken up trend, it’s likely to see more selling pressure in the short term. If the pair reaches a support at 1.0809 – 1.0776, it could be a start for a correction towards to a resistance area between the levels 1.0858 – 1.0922.

The price has found a support at 1.0858 on the one-hour chart and a consolidation was started from this level. There’s a possible “Flag” pattern in progress, so it’s likely that the price will go higher towards a resistance area between the 34 Moving Average line and the level 1.0922. The price might start falling down afterwards to a support area between the levels 1.0858 – 1.0809.